When using the Data import from CRA, the T5008 capital gain/loss information does not carry forward to the Schedule 3 Supplemental T5008 section or any other place.

[TurboTaxBrenda]

Did you enter a disposition date?

[Marilyn30]

Yes, thank you.  I saw that earlier in the thread of messages and tried it and it worked. 

However, I have another problem with a shared T3.  There are capital gains and other income.  I have put it 50% to my husband, 50% to spouse.  Other income is split, but the capital gains are 100% on my husband's return.  What do I have to do to have it split 50/50?

[TurboTaxBrenda]

Did you enter the T3 on both spouses returns or only on one, saying that 50% was split with spouse?

[Marilyn30]

I only entered the T3 on my husband's return, saying that 50% was split with me.  Boxes 49, 50 and 51 for dividends, and box 26 for other income were split properly.  But box 21 for capital gains was not split.  I think I know what happened.  Because capital gains are now split between period 1 and period 2, additional boxes were added, boxes 52 and 53, with the capital gains split by period.  These are the boxes that were used to calculate the gains on Schedule 3 instead of box 21.  It seems that the 50% split was not picked up for these additional boxes 52 and 53.

[MBLloyd1]

What disposition date do I use as it is not on my T5008 which was automatically inputted from CRA?  Also, if they are a disposition of Mutual Funds what type of Income do I report it as? I did not have this problem last year. Thank you.

[TurboTaxSusan]

@MBLloyd1 The 2024 T5008 requires a date of disposition due to the new capital gains rate that was supposed to apply to Capital Gains after June 24, 2024. Even though the new capital gains rate is not going into effect, the requirement is still there. So, you can use any date in 2024, if you don't know the exact one.  

The distributions from a mutual fund can be capital gains, capital gains dividends, dividends, foreign income, interest, other income, return of capital, or a combination of these amounts.

When you sell or redeem (or cash in) the units or shares, then it's a capital gain/loss.

 

[Marilyn30]

 I haven't received a response to my T3 question.  Right now, TurboTax is not allowing the capital gains on the T3 to be split between spouses.

[TurboTaxBrenda]

This will be fixed between the end of this week and Thursday next week.

Thank you for choosing TurboTax.

[Lola-64]

I'm having the same issue.   I entered dispositions of shares  and US bonds manually same as last year but the Schedule 3 Supplemental section is blank in 2024.   No details of individual transactions like previous years.   It looks like intuit was so concerned about the 1/2 year June 25 change that they messed up aggregating the information that used to appear.   

Im guessing that Intuit needs to correct this and provide an update to their software to change it back like prior years.

It looks like the Federal change to capital gains rates in Canada is not approved so irrelevant.

[msilver2]

I struggled with this issue for the last couple of weeks, but I finally figured it out.

In previous years, the date of disposition on the T5008 was available, but you didn't have to enter it.

This year, because the government was going to change the capital gains rate for dispositions made after June, you need to enter the disposition date on the form. If you leave it blank, it won't update your capital gains or schedule 3.

The problem is that when you use the CRA import feature, the disposition date is not part of the import.

After importing the T5008 form from the CRA, make sure to go to the form and enter the disposition date.

Also make sure to select Capital Gains or Investment Income from the type of income drop down or the form will be ignored by the software.

I tested this today using the latest update and it works.